Legal Question in Real Estate Law in Virginia

Failure to Submit Offer on Home?

I placed an offer on a foreclosure where the asking price was $579. I offered $450.00 on the home. The agent indicated that he would feel more comfortable with an offer of $475.00 (almost indicating that he knew what the bank would accept, although this is not the issue). Nonetheless, I held to the $450k and placed the offer. According to my agent, the bank countered at $550, which was the following day. That was fast! But, here are my concerns: First of all, I don't have total confidence that the agent actually submitted my $450k offer. How would I know that he is not simply SAYING that the bank countered, when the bank has not received my offer at all? Is this the agents way of getting me to go to the $475 (or $500), that he was more comfortable with in the first place? Also, the legal question is this:How do I know that the offer was submitted? Is there any recourse it the bank accepts the $475 and I find out that the bank never received my $450 offer and was only receiving my higher counter offer as the first offer? Could I sue for the $25,0000, if I offered $450 and the bank never received it and I ultimately offered $475 thinking that the agent was honest? I hope this makes sense!~


Asked on 6/24/09, 12:28 am

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Failure to Submit Offer on Home?

Why not ask the agent to submit acceptable proof that your offer was in fact submitted to the bank?

However, whether you would have a valid basis for a lawsuit against this agent involving tortious interference with a contract/business relations or similar claim(s) would require further relevant facts and the evaluation thereof(in my opinion).

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Answered on 6/25/09, 11:51 pm


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